Indigo, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Indigo estimated 9,710 tybos would be produced in March. Indigo has established the following material and labor standards to produce one tybo: During March 2022, the following activity was recorded by the company relating to the production of tybos: 1. The company produced 9,570 units during the month. 2. A total of 24,620 pounds of materials were purchased at a cost of $67,705. 3. A total of 24,620 pounds of materials were used in production. 4. 5,500 hours of labor were incurred during the month at a total wage cost of $60,500. Calculate the following variances for March for Indigo, Inc. Identify whether each variance is favorable or unfavorable. (a) Materials Price Variance \$ 1. The company produced 9,570 units during the month. 2. A total of 24,620 pounds of materials were purchased at a cost of $67,705. 3. A total of 24,620 pounds of materials were used in production. 4. 5,500 hours of labor were incurred during the month at a total wage cost of $60,500. Calculate the following variances for March for Indigo, Inc. Identify whether each variance is favorable or